Core Viewpoint - The article discusses the volatility in the commodity market, highlighting extreme fluctuations in gold, silver, and oil, with cyclical sectors becoming a focal point for investors [1] Group 1: Event Overview - A deep dialogue on "Cyclical and Value" investing is being organized by Tian Tian Fund in collaboration with Wan Jia Fund [2] - The event features prominent guests, including Ye Yong from Wan Jia Fund and Chen Guo from Dongfang Caifu Securities, who will analyze current hot investment topics [2] Group 2: Key Discussion Topics - The event will decode market style shifts, particularly why resource stocks have outperformed during tech stock turmoil [2] - It will explore the truth behind cyclical investments, focusing on how to navigate different stages of a commodity bull market and avoid common pitfalls [2] - Global factors such as AI backlash, geopolitical conflicts, and resource nationalism will be discussed regarding their impact on investment strategies [2] Group 3: Methodology and Mindset - The live session aims to provide insights into the methodologies and mindset of the featured investors, emphasizing how they maintain perspective and composure during market turbulence [2]

Group 1 - The company, together with Bank of Communications, will participate in a fee discount activity for certain open-end funds starting from March 17, 2026 [1][4] - The details of the fee discount activity, including the duration and specific discounts, will be determined by Bank of Communications and will not be separately announced by the company [2][4] - If the company's open-end securities investment funds are sold by Bank of Communications and the discount activity is ongoing, those funds will automatically participate in the discount without further announcement from the company [2][3] Group 2 - Investors are advised to consult Bank of Communications for specific details regarding the fee discount activity, including processing times and rules [2][3] - The company emphasizes that the original subscription and purchase fee rates can be found in the fund contracts and prospectuses, which should be reviewed by investors [2][3] - The company will not separately announce any specific funds that may not be eligible for the fee discount; such information will be communicated through separate announcements if necessary [2][3]

Group 1 - The company, together with Bank of Communications, has agreed that from March 17, 2026, certain open-end funds will participate in a fee discount activity for subscription and investment through the bank [1][5] - The details of the fee discount activity, including the duration and specific discounts, will be determined by Bank of Communications and will not be separately announced by the company [1][5] - Original subscription and purchase fee rates can be found in the fund contracts and prospectuses, as well as in the latest business announcements from the company [1][5] Group 2 - The fee discount is determined and executed by Bank of Communications, and the company will process the discounts provided by the bank [2][6] - If the company's open-end securities investment funds are sold by Bank of Communications and the discount activity is ongoing, those funds will automatically participate in the discount without further announcement from the company [2][6] - Investors are advised to follow the rules and procedures set by Bank of Communications when handling fund investment matters [2][6] Group 3 - Investors can consult for more details through the customer service of Bank of Communications at 95559 or visit their website [3][7] - The company also provides a customer service hotline at 400-81-95533 and a website for inquiries [3][7]

Group 1 - The core viewpoint of the article highlights the insights shared by fund managers Tom Slater and Lawrence Burns from the Scottish Mortgage Trust (SMT) during a recent shareholder meeting, focusing on market concerns and portfolio issues [1] - The fund managers disclosed that they have recently added two new positions in China: Xiaohongshu and MiniMax, with the current exposure to China being approximately 12% [2] - The article emphasizes the investment logic and thought processes behind various investment targets discussed by the fund managers, indicating a thorough analysis of market trends [3] Group 2 - The article mentions an interview with Zhang Yidong, Chief Economist at Haitong International, who discussed the potential for Trump to retreat and the Federal Reserve's plans to continue interest rate cuts, reflecting on the resilience of Chinese assets [3] - Other notable insights include discussions on the long-term bullish outlook for artificial intelligence, the mispricing of the Hang Seng Tech Index, and the increasing clarity in energy storage economics [4]

Group 1 - The construction of AI data centers in the U.S. faces challenges such as energy grid limitations and a shortage of skilled labor, hindering rapid infrastructure development despite available funding [2] - BlackRock announced a $100 million investment in a skilled worker training program aimed at benefiting 50,000 workers over the next five years, addressing the aging workforce in trades like electrical work [2][4] - The U.S. is projected to require $10 trillion in infrastructure investment by 2033 to upgrade outdated systems and build new energy, digital, and AI infrastructure, highlighting the critical need for talent in addition to funding [2] Group 2 - The shortage of skilled workers has led to a significant increase in wages for electricians, with starting salaries for apprentices around $26 per hour, translating to approximately 30,000 RMB per month, and fully qualified electricians earning about $59.5 per hour [4] - BlackRock's investment in skilled labor is not solely for philanthropic reasons; it is also driven by commercial interests, as the firm is a major investor in Meta's Hyperion data center and has invested over $3 billion in related bonds [5] - Google has also committed $15 million to support the training of electricians, recognizing that the shortage of skilled labor could limit the construction of AI infrastructure in the U.S. [5]

贝莱德首席执行官拉里·芬克指出，到2033年，美国预计需要10万亿美元的基础设施投资，用于升级老旧系统并建设新的能源、数字和人工 智能基础设施。但仅仅依靠资金是不够的，人才是建设美国未来的核心。 商业企图 技术工人的短缺已经导致该职业的工资激增。虽然地区间有差异，但美国电工的薪资在培训结束后即可超过六位数。在全球数据中心最集中 的华盛顿特区附近，国际电气工人兄弟会26号地方工会的电工学徒起薪约为每小时26美元，粗略计算相当于月薪3万元人民币。 而完成5年学徒期后，正式电工时薪约为59.5美元，折合人民币约410元，此外还享受医疗保险和养老金等福利。如果电工有加班或担任主 管职务等额外工作，其收入可接近20万美元。 美国人工智能（AI）数据中心建设不仅受到能源电网方面的现实阻碍，还面临熟练技术工人的短缺，这让硅谷巨头空有资金却无法快速建成AI基础 设施。 周三，华尔街巨头、全球最大公募基金管理公司贝莱德宣布将投资1亿美元用于技术工人培训项目，资金将通过非营利组织和劳动力发展合 作伙伴在美国多个州进行分配。该计划的目标是在未来五年内惠及5万名工人。 惠及的技术工人包括电工、水管工、暖通空调技工和钢铁工人等， 目前 ...

Group 1 - The core viewpoint of the article highlights the increase in the issuance of thematic ETFs in the US, with 10 new products launched last week, indicating a growing trend in innovative ETF offerings [2][3] - Notable new products include the Avos Global Equities ETF, 21Shares Polkadot ETF, and Roundhill Space & Technology ETF, which reflect diverse investment themes [2][3] - The article emphasizes the performance of active management strategies, particularly MFS's new emerging markets ETF that combines quantitative and qualitative selection methods [3] Group 2 - Recent data shows a significant outflow from domestic equity ETFs, with over $14 billion withdrawn in the week of February 18-25, while international equity products saw inflows exceeding $8 billion [4][11] - The article notes that commodity ETFs are experiencing outflows, while bond products continue to attract investments, indicating a shift in investor preferences [4][8] - The performance of futures strategies has been highlighted, with certain products achieving returns close to 10% this year, showcasing the effectiveness of commodity-focused strategies [10] Group 3 - The article provides insights into the top inflows and outflows of ETFs, with the iShares 0-3 Month Treasury Bond ETF seeing a net inflow of $29.82 billion, while the SPDR S&P 500 ETF experienced a significant outflow of $112.12 billion [8] - Vanguard products have shown stable inflows, contrasting with the notable outflows from the SPDR S&P 500 ETF, indicating varying investor confidence across different fund families [9]

Core Viewpoint - The Fidelity Enhanced Large Cap Growth ETF (FELG) is positioned as a long-term investment option due to its disciplined, factor-based approach to selecting large-cap growth companies, which provides a systematic way to invest in durable businesses in the U.S. [2] Group 1: Strategy Durability - FELG employs a factor-enhanced strategy that systematically screens large-cap growth companies, focusing on those with stronger fundamentals, ensuring relevance across various economic conditions [3] - The fund's methodology is supported by Fidelity's extensive quantitative research infrastructure, providing a level of durability that individual stocks cannot match [4] Group 2: Compounding Potential - Over the trailing twelve months ending March 9, 2026, FELG achieved a return of 20.48%, increasing from $32.97 to $39.72, and has gained 59.22% since inception from a starting price of $24.95 [4][6] - The fund's growth is driven by price appreciation rather than dividend distribution, making it suitable for long-term investors who prioritize portfolio growth over immediate income [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The "mid - cap blue - chip" style is strengthening, and the market in March 2026 may follow the logic of the cycle + high - end manufacturing sectors. The report is optimistic about the cycle and manufacturing fields, suggesting to focus on chemical, non - ferrous (especially small and medium - sized metals), agricultural products and related shipping and transportation in the cycle field, and military industry, large aircraft, new energy, robots, high - end equipment in the manufacturing field. Based on the industry and style rotation model, it also recommends paying attention to non - ferrous metals, communication, national defense and military industry, coal, basic chemical industries and the mid - cap value style in March [7][60]. Summary by Directory ETF Market Overview - As of February 27, 2026, there are 1447 domestic ETF products, an increase of 49 compared with the beginning of the year, and the total scale is 5.39 trillion yuan, a rebound of 584 billion yuan from the previous month [7][10]. Dynamics of ETFs in Each Asset Class - **A - share ETFs**: There are 1093 A - share ETFs, an increase of 6 from the previous month, and the total scale is 3.12 trillion yuan, a rebound of 192 billion yuan. The scale of two products exceeds 100 billion yuan, and oil and gas, ship, and non - ferrous related products have the highest increases in performance [12][14]. - **Cross - border ETFs**: There are 257 cross - border ETFs, an increase of 2 from the previous month, and the total scale is 1.0179 trillion yuan, an increase of 2 billion yuan. South Korea - China chip, S&P oil and gas, and Brazil - related ETFs are relatively active, with the South Korea - China chip ETF from Huatai - Peregrine up more than 30% [21][23]. - **Bond ETFs**: There are 53 bond ETFs, the same as the previous month, and the total scale is 735 billion yuan, an increase of 137 billion yuan. Credit bond ETFs mainly composed of science and technology innovation bonds contribute the most to the increase [29]. - **Commodity ETFs**: There are 17 commodity ETFs, the same as the previous month, and the total scale is 344.3 billion yuan, a continuous increase of 21.4 billion yuan from the previous month. Soybean meal and non - ferrous ETFs have higher increases than gold ETFs in the past month [35]. Manager Landscape - **Manager Scale and Ranking**: The scale of leading fund managers has stabilized this month after a significant decline last month. As of February 27, 2026, Huaxia Fund and E Fund still rank top two in non - monetary ETF management scale. In terms of broad - based ETFs, Huaxia Fund ranks first, and in terms of industry ETFs, Huaxia Fund and E Fund are in the top two. The ranking of the top 20 in total ETF scale is also relatively stable this month [41]. - **Manager Competition Pattern Change**: The concentration of leading ETF managers has been declining since the beginning of 2026. As of February 27, 2026, the scale concentration of the top 10 managers has decreased by about 0.1 percentage points to 72.52% compared with the previous month, but the decline has narrowed significantly compared with the 4 - percentage - point decline last month [44]. Capital Flow Changes - **Large - scale Assets**: Capital has flowed out of A - share ETFs by over 200 billion yuan again, but the intensity has narrowed. It has continued to flow into cross - border and commodity ETFs. In the past month, capital has flowed out of the ETF market by 136.3 billion yuan in total, with A - share products having the largest outflow of 215.1 billion yuan, while cross - border and commodity products have inflows of 48 and 19 billion yuan respectively [7][47]. - **Sub - sectors**: Capital has significantly reduced its allocation to CSI 300, CSI 500, SSE 50, and science and technology innovation bonds, and increased its allocation to communication, Hang Seng Technology, gold, short - term financing bonds, and semiconductor/chip sectors [7][50]. Product Application Dynamics - In February 2026, 54 new product applications were received, an increase of 6 from the previous month. Products related to petroleum, electricity, agriculture and other industries with cyclical attributes had relatively more applications [58]. ETF Monthly Investment Strategy - **Based on Industry and Style Rotation Strategy**: The industry rotation strategy based on prosperity suggests being optimistic about non - ferrous metals, communication, national defense and military industry, coal, and basic chemical industries in March 2026. The style rotation strategy shows that the prosperity of the growth style may decline marginally in March, while the value style may diverge, and the mid - cap value style may continue to expand. - **Based on Subjective Strategy Analysis**: The investment focus will shift to "mid - cap blue - chips". It is recommended to focus on the cycle and manufacturing fields. In the cycle field, pay attention to chemicals, non - ferrous metals, agricultural products and related shipping and transportation; in the manufacturing field, focus on military industry, large aircraft, new energy, robots, and high - end equipment. - **March ETF Asset Pool**: A reference pool of equity ETFs for March 2026 is provided, covering mid - cap broad - based, strategy - based, technology - manufacturing, and cyclical sectors [60][78][79].

Core Points - The announcement states that from March 10, 2026, Oriental Fund Management Co., Ltd. will collaborate with China Merchants Bank to allow the sale of certain funds through the bank's Zhaoyingtong platform, limited to front-end subscription mode [1] Group 1: Applicable Investor Scope - The service is available to institutional investors who have activated the Zhaoyingtong service and are eligible to invest in securities investment funds according to relevant laws, fund contracts, and business rules [1] Group 2: Applicable Funds and Business Scope - The Oriental Zhen Cui 3-Month Regular Open Pure Bond Fund is currently in a closed period, and the company will announce the opening details once the closed period ends [1] - Specific business processing rules and procedures will follow the regulations set by the Zhaoyingtong platform [3] Group 3: Important Notices - Investors seeking information on fund fee structures should refer to the fund's legal documents, including the Fund Contract, Prospectus, and Product Information Summary [2]